# Oil closes down 2.4% on extreme volume after Trump pulls US out of Iran deal

> US crude settled down $1.67, or 2.4%, at $69.06 on May 8 after President Trump announced the US would withdraw from the 2015 Iran nuclear deal and reinstate sanctions. The contract had earlier fallen 4.38% before paring losses on heavy volume. Brent settled down 47 cents at $75.71, after touching $76.34 on May 7.

- Date: 2018-05-08 · published 2018-05-08T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/65183-oil-closes-down-2-4-on-extreme-volume-after-trump-pulls-us-out-of-iran-deal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The sanctions announcement raises the risk of undersupply from Iran, which supports crude prices. The intraday reversal suggests the market is weighing the risk of supply loss against demand concerns.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-04-02 | [Oil Jumps After Trump Vows to Hit Iran ‘Extremely Hard’ - WSJ](https://feedsoft.ai/events/12727-oil-jumps-after-trump-vows-to-hit-iran-extremely-hard-wsj.md) | -2.2% | +6.1% |
| WTI | 2026-01-13 | [Oil rallies after Trump tells Iran protesters help is on the way](https://feedsoft.ai/events/11392-oil-rallies-after-trump-tells-iran-protesters-help-is-on-the-way.md) | +1.5% | +7.9% |
| WTI | 2018-05-09 | [Oil jumps to highest since 2014 after US quits Iran deal](https://feedsoft.ai/events/65180-oil-jumps-to-highest-since-2014-after-us-quits-iran-deal.md) | +3.5% | -6.0% |
| WTI | 2019-06-20 | [US oil surges to $56.65 after Trump says Iran made a 'mistake'](https://feedsoft.ai/events/12317-us-oil-surges-to-56-65-after-trump-says-iran-made-a-mistake.md) | +10.2% | +2.6% |
| WTI | 2026-03-08 | [Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt \| Reuters](https://feedsoft.ai/events/5227-oil-jumps-to-2022-high-on-iran-war-falls-after-close-as-russia-sanctions-in.md) | +8.5% | +25.0% |
| BRENT | 2026-04-02 | [Oil Jumps After Trump Vows to Hit Iran ‘Extremely Hard’ - WSJ](https://feedsoft.ai/events/12727-oil-jumps-after-trump-vows-to-hit-iran-extremely-hard-wsj.md) | -2.8% | +8.2% |
| BRENT | 2026-01-13 | [Oil rallies after Trump tells Iran protesters help is on the way](https://feedsoft.ai/events/11392-oil-rallies-after-trump-tells-iran-protesters-help-is-on-the-way.md) | +1.4% | +8.5% |
| BRENT | 2018-05-09 | [Oil jumps to highest since 2014 after US quits Iran deal](https://feedsoft.ai/events/65180-oil-jumps-to-highest-since-2014-after-us-quits-iran-deal.md) | +5.6% | -0.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/05/08/oil-prices-fall-as-the-market-awaits-trumps-iran-nuclear-deal-decision.html

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.